Bank of America Corporation Stock Code BAC.NYS
Outlook
Price broke below the cloud three trading sessions ago and in the previous trading session, price continued to move lower, confirming the bearish price trend. A Double Top chart pattern with MACD divergence warning is hinting that a price high could be in place and a bearish price trend could be ahead. Lagging Span is below price of 26 days ago but is above the cloud. MACD remains bullish with both its lines above the zero line. However, MACD has been warning with divergence of a possible price high and an impending price decline ahead. We think price is likely to move lower to the next strong support level at $42.60 in the next 1-2 weeks.
Strategy
$45.95 Sell
$42.60 Price Target
$47.55 Risk Management Stop
2 weeks Trade Duration
